Cotton Marketing Season Set For June
The 2024 cotton selling season is set to run from 01 to 30 June, with consultations on the grade-based pricing system currently underway.
Speaking during the post-Cabinet briefing in Harare on Tuesday, Information, Publicity and Broadcasting Services Minister, Jenfan Muswere, said that cotton farmers will receive 75 per cent of their payments in US dollars and 25 per cent in ZiG. He said:
Cabinet advises that the 2024 cotton marketing season will be from 1 to 30 June 2024. Farmers will receive 75% of their payments in US$ and 25% in ZiG.
All outstanding payments by the Cotton Company of Zimbabwe amounting to US$2,65 million and 2,8 million in ZiG will be cleared by 31 May 2024.
The grade-based pricing system will be announced once ongoing consultations are concluded.
The cotton output is expected to be lower than during the 2022/23 season due to the devastating effects of the El Nino weather pattern.
Last week, the Cotton Company of Zimbabwe (COTTCO), said it has paid the US$21 million it owed cotton farmers, with U$323 642 remaining uncollected despite several notices to farmers to do so.
Cotton is one of Zimbabwe’s major agricultural exports but yields have declined over the years due to several factors.
According to the Agricultural Marketing Authority (AMA), the country’s cotton production increased by 67% to 89,6 million kilogrammes during the 2022/23 farming season.
More: Pindula News
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